OECD tells Australia to raise GST rate to fund corporate tax cut

Thu 28th Feb 2013

The Organisation for Economic Co-operation and Development has recommended that Australia raise its Goods & Sales Tax rate above the current 10% rate. Such a rise would fund a reduction in the relatively high 30% corporation tax rate.

In 2012, an attempt to cut the corporation tax rate by raising mineral extraction taxes was blocked by the Labor Party.

The current Australian GST rate was set at the introduction of the consumption tax in 2000. New Zealand raised its GST rate from 12.5% to 15% in October 2010. The average EU VAT rate is now over 21%.

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